When an ex-wife fights to control her stroke-stricken ex-hubby’s assets
Why you should make your Lasting Power of Attorney early
MANY people have the misconception that the Lasting Power of Attorney (LPA) is for seniors to make, but the reality is that no one knows when we may become mentally incapacitated, or – in the case of a will – when our time will be up.
This was what happened to David Tan (not his real name) who did not make an LPA and a will. David – now aged 50 – lost mental capacity after he suffered a stroke in March 2023. He has two sons, aged 13 and 15, who are under his ex-wife’s custody after he filed for a divorce against her in 2018.
Being mentally incapacitated means, in the LPA context, you cannot make decisions for yourself on matters relating to your property, finances and welfare. Such a situation could well result in you being in a state of limbo, as your next-of-kin may not be able to deal with matters relating to your properties, access bank accounts or make decisions on your behalf.
TRENDING NOW
Qatari LNG ship struck in Strait of Hormuz, testing US talks
DBS shares rise 1.9% to hit all-time intraday high as sentiment improves
‘Baptism of fire’: Andre Khor on leading Singapore refiner Aster through an energy crisis
Singapore retains top spot as most expensive city for HNWIs, with five Apac cities in global top 10